Russian Prime Minister Dmitry Medvedev sustained the proposal of Elecard Group President Andrey Posdnyakov to replace grant support of small and medium-sized businesses with venture capital financing

Last Tuesday,
Russian officials and representatives of all the country's regions met in a
meeting of the presidium of the Presidential Council for economic modernization
and innovative development of Russia. The topic of the meeting that was
presided by the Russian Prime Minister Dmitry Medvedev and took place on the
premises of Yandex was Informational Development in the field of Information
Technology and Telecommunications.

Tomsk region was
represented by the Elecard Group President and the Tomsk Region IT-cluster
President Andrey Posdnyakov. During the meeting, while discussing the future
development of small and middle-sized innovative businesses, Andrey Posdnyakov
made a proposal to replace the grant support of such companies with the venture
capital financing. The idea was supported by the Russian Venture Company CEO
Igor Agamirzian, who also noted that the preseed and seed stages of financing
should remain grant-funded.

In conclusion,
Dmitry Medvedev sustained Andrey Posdnyakov's proposal as amended by Igor
Agamirzian and said: «What we have been talking about here is what is
eventually better – grants or venture financing. I think, as it has already
been mentioned here, that it all depends on the current stage [of a company's
development] – at some point grants are necessary for a kick start, but at a
later stage the venture financing is by all means a more accurate way of
financing.”

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